NeoGenomics, Inc. (OTC Bulletin Board: NGNM), a leading provider of cancer-focused genetic testing services today reported that it had been awarded two research and development grants totaling $374,479 from the US government under HR: 3590 - Patient Protection and Affordable Care Act (the "Act").
Under the Act, $1 billion was earmarked for qualifying therapeutic discovery projects that show the potential to produce new cost saving therapies, create U.S. jobs, increase the country's competiveness, or significantly advance the goal of curing cancer within the next 30 years.
NeoGenomics submitted two applications under this program for expenses incurred in connection with its new test development activities. NeoGenomics was awarded $244,479 under the first application, the maximum allowable award per application, and $130,000 under the second application.
Doug VanOort, NeoGenomics' Chairman and CEO, said, "We are very pleased to have been awarded these grants. They are an important recognition of the work we are doing to bring new cancer diagnostic tests to the market. We expect to receive the funds sometime during the month of November."
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